Octamile created a space where business leaders, CEOs, Startup Founders, Bankers and even Fintech enthusiasts from different parts of Africa learnt about Harnessing Technology Tools for Risk Management as a Strategy for Loan Companies.
Our Guest Speaker Nifemi Oluboyede, is currently the Head of Product, Growth and Partnership at Credit Direct. His experience cuts across the banking, fintech and lending sector. From the likes of Zenith Bank, SystemSpecs (Remita), TeamApt, Carbon (One Finance), FairMoney and Kuda.
Here are insights from the webinar:
3 Insights on Harnessing Technology for Effective Risk Management: Strategies for Loan Companies
1. Lending Processes where Technology can be Harnessed
To understand the different aspects where technology can be harnessed, we will have to unbundle the lending process.
In the loan industry, this will include Customer Identification, Underwriting Process, Collection of Data, Scoring Models, Decision Process, Disbursing of Loans, Management of loan Life-cycle, Cyber Security and Fraud Prevention, Embedded Insurance and many more.
Regarding Customer Identification, some Technological Tools that can be explored are Identity Pass, Dojah…
Curious to know more technological tools that can enhance each of these elements? Click on the video below to gain these insights.
2. Enhancing Risk Recognition Through Risk Retention
Here’s a smart strategy: teach your system to recognize customers who might be trouble through Risk Retention. This proactive approach significantly enhances the quality and efficacy of your system when dealing with similar customers.
When profiling customers, you may detect certain individuals as “risk customers.” “Despite this awareness, you might still choose to extend a loan to assess their behavior, effectively training the system to flag similar profiles in the future”.
What other risk management techniques can you adopt to grow your system? Click on the video below to gain these insights.
3. Insurance as a Partner to Keep the Lights on
Although often underemphasized, providing automatic insurance coverage for your customers through embedded insurance acts as an invaluable layer of protection within your lending processes. Regardless of the stringent checks and procedures you implement as a lending company, defaults are bound to occur.
“Think of Insurance as the inverter that backs up lending companies.”
For a comprehensive understanding of the significance of embedded insurance and how it complements your risk management strategies, click on the video below.
Access the Full Webinar Experience
To access a treasure trove of insights and revisit the highlights from our informative webinar, simply click on the video below.